Creditnet News Story
Companies still finding ways to market cards on campuses
Friday, February 26, 2010
By Danielle Robson
New approaches tied to Credit CARD Act.
A recent report from SmartMoney.com notes that companies that make credit card offers are still finding ways to market to college students on campuses.
The website noted that some card companies are trying to attract parents in an effort to get cards into the hands of younger people. Through the Credit Card Accountability, Responsibility and Disclosure Act, people under 21 will have to get a co-signer to get a card, unless they can prove they have the income to support accepting a credit card offer.
The Credit CARD Act also keeps companies from giving away freebies like pizza and T-shirts to college students in exchange for having them apply for an account. However, Christine Lindstrom, who is with the advocacy group U.S. Public Interest Research Group, told the site that companies can still make giveaways as long as they aren't tied to inking a student to an account application on the spot.
Students aren't the only ones affected when it comes to incomes and credit card offers. The Credit CARD Act also requires lenders to take into account a person's pay before issuing them a card or raising their limit.
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